BREAKING: Naira Crashes To Over N700/$ At Official Window As CBN Floats Currency

The dollar To Naira exchange rate has crashed to over N700/$ at the official window as CBN floats currency.

 

NewsOnline reports that the Central Bank of Nigeria has reportedly directed Deposit Money Banks to remove the rate cap on the naira at the Investors and Exporters’ (I&E) Window of the foreign exchange market, to allow for a free float of the national currency against the dollar and other global currencies.

 

The development came barely two weeks after President Bola Tinubu promised to unify the nation’s multiple exchange rates.

 

ALSO: CBN Issues 8 New Forex Directives To Banks, Others

 

According to the chief executive officer of a commercial bank, who confirmed the development, banks are now allowed to trade forex on the I & E window at any rate, subject to N1 spread.

 

“The CBN has called banks that the rate cap has been removed at I&E Window.

“Hence, banks and customers are allowed to trade freely at any rate subject to N1 spread between buy and sell rate”, the bank chief said.

 

NewsOnline Nigeria reports that following the development, the naira crashed to over N700/dollar during trading on the I&E window on Wednesday.

 

Details later…